US oil behemoths ExxonMobil and Chevron have pledged to reduce their oil output by a combined 800,000 barrels per day (bpd) following the destruction of global fuel demand and oil prices due to the COVID-19 outbreak. The companies announced cuts of up to 400,000 bpd in...
Anadarko Petroleum has entered into a definitive merger agreement with Occidental Petroleum after Chevron announced it would not be submitting an increased offer to buy the oil giant. On Monday, Anadarko announced that its board had unanimously decided that Occidental's revised US$38 billion bid was superior...
Royal Dutch Shell outperformed rival oil majors ExxonMobil, Chevron and BP in the first quarter of 2019, after the Anglo-Dutch company reported only a marginal fall in profits in a lower oil price environment. Shell said that on a current cost of supplies (CCS) basis, earnings attributable...
Occidental Petroleum has made a US$38 billion offer for Anadarko Petroleum in a move that instigates a takeover battle for the oil giant, after Chevron’s earlier bid of $33 billion was accepted by Anadarko. Both bidders are offering a premium for Anadarko’s holdings in the Permian...
Chevron has announced it will buy shale oil producer Anadarko Petroleum in a massive US$33 billion deal that will make the combined company the second largest crude producer in the world. After the acquisition goes through, the US-based energy giant will produce an estimated 3.9 million...
Chevron, Total and Indian refiner Reliance Industries are the latest major oil companies to have joined London-based blockchain trading platform Vakt. Vakt was created in 2017 by a consortium comprised of BP, Royal Dutch Shell and Norway’s Equinor to be one of the first blockchain pilot...
Glencore is set to beat China Petroleum & Chemical Corp (Sinopec) to the signature of Chevron’s Southern African assets after reports emerged from three sources close to the matter. The Swiss-based miner appears to have trumped Sinopec’s US$900 million valuation of the assets after allegedly coming...
BP reported a 71% increase in profit during the first quarter of 2018, generating US$2.6 billion compared to $1.5 billion in the opening quarter in 2017. Underlying profit also grew by 23% in Q1, making the results BP’s best in three years. Meanwhile operating cash flow...
China’s Sinopec Corp is set to beat Glencore to the US$900 million purchase of Chevron’s South Africa and Botswana assets, after the SA government confirmed it had reached an agreement with Sinopec. However, the transaction is currently pending final approval with the agreement between the government...
Glencore will assume a 75% stake in Chevron’s Southern African assets after agreeing a US$973 million acquisition deal. The transaction means Glencore will secure its first major refinery in Africa in line with its aim to expand through strategic acquisitions, which comes after inking a near...